Fair play gives a framework for casinos on how to give honest and engaging games to their customers. On the flip side, it is also a reminder to players to maintain a sense of responsibility as users of gambling websites’ services. Therefore, it is a guideline that puts obligations on both the casino and the gamblers to maintain a healthy relationship as a business and customer.
Most importantly, honesty is maintained only through discipline from everyone involved. Using crypto as the main mode of payment in online gambling can help with this endeavour. How it does that revolves around the properties of blockchain technology as a decentralised network with an autonomous protocol. Here’s a quick overview of how it helps maintain honesty:
Greater convenience for deposits and withdrawals
Crypto’s main appeal as a payment method over fiat banking systems is its convenience. Every transaction you make only requires a crypto wallet holding the funds you want to send and the wallet address of your online crypto casino account to become the recipient. This is a peer-to-peer (P2P) transaction, meaning that there is no third party required to oversee it.
Once a deposit request is made, the networks’ protocol validates the sender and recipient wallets and then verifies the transaction. The casino wallet becomes the new owner of the funds you just transferred. This is also how withdrawal works but your crypto wallet is now the recipient of the funds.
This is more convenient than fiat because remittance, credit cards, and electronic wallets require permission from a central authority. That includes the solutions provider’s company and the central bank that controls your fiat’s circulation. Crypto doesn’t have such limitations, giving you full control over your finances while also using a simple system like P2P.
Faster and more reliable transactions
Fiat payment methods like credit cards and bank transfers are still faster than most crypto networks. However, they are prone to delays and cancellations because of the solutions providers’ policies and processes, especially when you’re using offshore services. Crypto doesn’t have the same limitations as every transaction is verified by an autonomous protocol.
Therefore, your deposits and withdrawals are always done in seconds or minutes. It’s a useful factor when all you want to do is play crypto casino games at your own pace or when you have a short break but need to make a small deposit. This also means that you can always maximise the limited time frame of a casino bonus.
Transaction process transparency
All casinos must follow anti-money laundering laws and gamblers must not conduct business with brands that violate it. Therefore, both parties have a responsibility for international safety. As a customer, you are often unaware of how your money is being used because payment solutions don’t disclose money circulation.
Blockchain, on the other hand, is transparent. It shows you where the casino spends your money and how much of it is being transferred. Therefore, you have the power to monitor business practices and report suspicious behaviour when you’re using cryptocurrency.
Immutable deposits and withdrawals
Blockchain’s data recording is impossible to tamper with because it is protected by encryption. Therefore, no online threats or bad actors can alter data to manipulate ownership of funds, making them impossible to steal through hacking. This is an extra layer of protection that gamblers and casinos alike can appreciate.
The only way to change virtual assets’ ownership is to send them from one account to another using private keys on the current owners’ wallet. Your crypto wallet is far from danger as long as you follow basic cybersecurity measures. A few examples include logging out of your account while you’re not using it and keeping your login credentials private.
Privacy protection using encryption
Services that need valid identification for know-your-customers (KYC) are prone to data breaches which will leak your private data to bad actors. That is not a danger to crypto users because every piece of data in the blockchain is scrambled by encryption technology.
Invaders can’t collect information that will compromise your privacy as a crypto user because nobody can read it or extract it. Only the autonomous protocol can interact with data in the network.
The blockchain is transparent so people can still track circulation in the network and see which wallet addresses are conducting transactions with each other. It also reveals how much funds are being transferred. However, there is no revealing which user these accounts belong to unless the user decides to reveal it in public. Until then, you are an anonymous participant.
Casinos keep up with market conversion rates for crypto
One of the best features of online casinos is the loyalty program where you earn points for every bet you make. Earn enough to level up your account and earn milestone rewards or unlock more benefits. How they track the points you earn depends on how much you wagered.
The best online crypto casinos use Tether (USDT) as the metric because it’s pegged to the United States dollar (USD) in a 1:1 ratio. If the game offers 5 points per 1 USDT bet, then you get 1 point per 0.2 USDT or 10 points per 2 USDT stakes. This applies to its equivalent in other crypto according to the market conversion rates between Tether and your chosen asset.
Casinos keep up with market rates and apply it to their promotions like the loyalty program. Therefore, customers like you can get more leverage out of volatile crypto like Bitcoin (BTC) or Ethereum (ETH). The best crypto casinos will show you the dynamic exchange rate on the page, too, keeping an honest practice that also adds a fun element to online gambling.
